CARMARTHENSHIRE AM and Plaid Cymru Shadow Cabinet Secretary for Business, Economy and Finance, Adam Price AM has today (Jan 8) urged Tata Steel workers to reject the current pension deal that will be voted on later this month, accusing the company of being ‘opportunistic’ in its offer.
Speaking to BBC Radio Wales’s Sunday Supplement programme this morning, Adam Price AM said that the deal on the table was ‘unacceptable’, adding that workers should ask Tata to rethink its offer on the Employment Pact and investment.
Shadow Cabinet Secretary for Business, the Economy and Finance, Adam Price AM said: “The economic climate that the steel industry faces in 2017 has been radically transformed.
“The medium-term outlook has improved and profitability has returned to Port Talbot.
“In this context it is by no means a forgone conclusion that the Tata steel workers will accept the pension deal on offer to the workers in the union ballot later this month.”
“In my view the terms of the proposals on the table are simply unacceptable. They are weighted far too heavily towards the company with the £1 billion investment reportedly continge
“On top of this, the language of the Employment Pact is highly dubious – ‘seeking to avoid redundancies’ is not a concrete guarantee., and the company is seeking to walk away from its responsibilities to the 130,000 members of the British Steel Pension Scheme.
“It seems as if the company is using the events of the last 12 months to pressure workers to accept what is in reality an unacceptable deal.
“In my view the workers would be wise to ask the company to think again, and to come back to the table with a firm guarantee in terms of the Employment Pact and the investment. It is also inconceivable that such a large and powerful conglomerate should be allowed to walk away from its existing pension liabilities.
“If Tata is not prepared to do this, the company should be nationalised on a temporary basis and talks reopened with those firms that have been waiting in the wings to buy it.”
Carmarthenshire farmer dies following attack by bull near Llandeilo
A FARMER has died following an incident with a bull on a farm in Llandeilo.
The 58-year-old, named locally as Maldwyn Harrier, was attacked by the animal during a TB test on Friday morning.
Police have confirmed that they were called to a farm in the Penybanc area of Llandeilo, Carmarthenshire, and are investigating alongside the Health and Safety Executive.
Kwarteng gambles on rush for growth
CHANCELLOR of the Exchequer Kwasi Kwarteng unveiled his and Liz Truss’s economic vision for the UK on Friday morning.
The headlines are straightforward.
There will be £45bn in tax cuts by 2027; however, the largest cuts – national insurance cuts, the abolition of the cap on bonuses and the highest income tax rate- benefit only high earners.
Cut in the basic rate of income tax to 19% from April 2023;
National Insurance will not rise as scheduled, and the Government will reverse the current year rise as of November 6;
New Health and Social Care Levy to pay for the NHS will not be introduced;
The top rate of income tax was cut from 45% to 40%;
Cancel the rise in corporation tax which was due to increase from 19% to 25% in April 2023;
Rules around universal credit tightened by reducing benefits if people don’t fulfil job search commitments;
VAT-free shopping for overseas visitors;
End of the cap on bankers’ bonuses;
Planned increases in the duties on beer, cider, wine, and spirits cancelled;
Government to discuss setting up investment zones with 38 local areas in England.
Alongside the above, the Chancellor announced plans to remove environmental safeguards for building developments and reduce the regulatory burden on financial institutions.
KWARTENG LEAVES LABOUR AN OPEN GOAL
In an interview with Rishi Sunak during the Conservative leadership contest, Nick Robinson observed that it would be a nasty surprise for the former Chancellor when he found out who’d been in power for the last twelve years.
Kwasi Kwarteng followed Liz Truss’s preferred method of operation: he pretended they hadn’t happened.
The Chancellor comprehensively dumped on the policies pursued over the last dozen years by successive Conservative governments, for a decade of which Liz Truss has been a member.
His statement was, as one ministerial colleague said, “a game changer”, although perhaps not in the way he envisaged.
So complete was the change of economic policy that it leaves an open question about how Mr Kwarteng and his Cabinet colleagues ended up in the same political party as most of their backbench colleagues and served under the last three Conservative leaders.
Shadow Chancellor Rachel Reeves did not miss the open goal. Even as Mr Kwarteng and Ms Truss shook their heads on the government benches, she hammered home that the Chancellor’s statement was an admission the record of Conservative governments since 2010 was one of a failure to deliver growth or a viable economic plan.
THE SUPPLY SIDE FIX
The Chancellor and Prime Minister’s rationale is that cutting taxes for the already well-off will benefit all citizens as they are incentivised to invest and act in entrepreneurial ways. In addition, reducing regulation for businesses will encourage increased commercial enterprise.
They believe the growth stimulated will make up for any loss in tax revenues as increased economic activity, encouraged by lower taxes, leads to increased government revenues.
That approach is called supply-side economics, which focuses on increasing the supply of goods and services through growth.
In every developed nation where the Government’s brand of economics has been tried, two things have happened: a cataclysmic bust has followed a short-term burst of economic activity.
In addition, wealth inequalities – and the UK is already grossly unequal – are embedded and made worse.
Low taxes on the wealthiest do not distinguish between those who generate wealth through their industry or create economic activity through business investment and those who inherit wealth or sit on capital without producing anything.
“THE RICH WILL REJOICE”
Wales’s Finance Minister, Rebecca Evans MS, responded: “Rebecca Evans, Minister for Finance and Local Government, said: “Instead of delivering meaningful, targeted support to those who need help the most, the Chancellor prioritises funding for tax cuts for the rich, unlimited bonuses for bankers, and protecting the profits of big energy companies.
“Instead of increasing funding for public services in line with inflation, we get a Chancellor blithely ignoring stretched budgets as public services find their money is not going as far as it did before.”
Plaid Regional MS Cefin Campbell said: “This Budget will see the rich rejoice as their bonuses rocket and their tax bill sliced, once again it will be the poorest and most vulnerable bearing the brunt of the disastrous cost of living crisis.”
Plaid Cymru’s Treasury spokesperson, Ben Lake MP, added: “Tax cuts for the super-rich will do absolutely nothing to drive growth in the Welsh economy.
“I urge the UK Government to recognise that our Government in Wales must be given the fiscal tools to unlock our economic potential ourselves. That is the only way to improve the lives of people across Wales.”
Welsh Conservative Shadow Minister for Finance, Peter Fox MS, said: “Today shows that the UK Conservative Government has a comprehensive plan to provide a sharp boost to the economy by putting cash back into people’s pockets. Labour in Wales has the power to cut taxes in Wales but chooses not to.
“Mark Drakeford needs to take a leaf out of Liz Truss’ book and take immediate action to support hard-working people and struggling businesses, stimulating the Welsh economy rather than stifling it.”
Scott Corfe, Research Director at Social Market Foundation, said: “The Chancellor is taking a very high-risk gamble with the economy.
“If his package of enormous tax cuts and ‘supply side reforms’ fails to translate into significantly higher economic growth, we risk further falls in the pound and surging gilt yields as investors lose confidence in our ability to pay our way in the world.
“That, in turn, means higher inflation, an unsustainable trajectory for the public finances and steeper interest rate rises – potentially deepening rather than alleviating the cost of living crisis.”
The world watches HM Queen Elizabeth II laid to rest in state funeral
THE QUEEN’S state funeral is taking place with ceremonial processions in London and Windsor today. This is the latest update at 12:40pm.
The UK’s longest-serving monarch will be laid to rest after a state funeral.
The Royal Family, world leaders and dignitaries have descended on Westminster Abbey to honour the life of Queen Elizabeth II, after her death at the age of 96.
At 10.44am, the Queen’s coffin travelled from the Palace of Westminster (Houses of Parliament) to Westminster Abbey for the state funeral.
This is a very short journey, and was not be part of the public procession.
The state funeral service
The state funeral service was conducted by the Dean of Westminster and The Sermon and the Commendation will be given by the Archbishop of Canterbury.
During the Service, the Prime Minister and the Secretary General of the Commonwealth read Lessons.
The Archbishop of York, the Cardinal Archbishop of Westminster, the Moderator of the General Assembly of the Church of Scotland and the Free Churches Moderator said prayers.
The Procession from Westminster Abbey to Wellington Arch
At the end of the Service, Her Majesty’s coffin wase borne to Wellington Arch, via The Mall on the State Gun Carriage.
The King’s Guard gave a Royal Salute as the Coffin passes the Queen Victoria Memorial.
All processions and services are being broadcast on near-all national television and radio channels.
Once the coffin reaches Wellington Arch, it will be placed in the State Hearse. The parade will give a Royal Salute and the National Anthem will be played as the State Hearse begins its journey to Windsor.
Procession from Albert Hall, Windsor to St George’s Chapel
When the Coffin reaches Windsor, the State Hearse will slow to join a Procession to be formed up on Albert Road to travel via the Long Walk to St George’s Chapel. Members of the Royal Family will join the Procession in the Quadrangle at Windsor Castle. Minute Guns will be fired on the East Lawn, Windsor Castle by The King’s Troop, Royal Horse Artillery, and Sebastopol Bell and the Curfew Tower Bell will be tolled throughout the Procession.
The Procession will halt at the bottom of the West Steps of St. George’s Chapel where a Guard of Honour, found by the 1st Battalion Grenadier Guards, will be mounted. The Queen’s Coffin will be borne in Procession into the Chapel.
The Committal Service
The Committal Service will begin at 4pm, and alongside His Majesty The King and Members of the Royal Family, the congregation will be made up of past and present members of The Queen’s Household, including from the private estates. Also in attendance will be Governors General and Realm Prime Ministers.
The Service will be conducted by the Dean of Windsor, with prayers said by the Rector of Sandringham, the Minister of Crathie Kirk and the Chaplain of Windsor Great Park. The Choir of St George’s Chapel will sing during the Service.
Prior to the final Hymn, the Imperial State Crown, the Orb and the Sceptre will be removed from Her Majesty The Queen’s Coffin, and placed on the Altar. At the end of the final Hymn, The King will place The Queen’s Company Camp Colour of the Grenadier Guards on Her Majesty’s Coffin. At the same time, The Lord Chamberlain will “break” his Wand of Office and place it on the Coffin.
As The Queen’s Coffin is lowered into the Royal Vault, the Dean of Windsor will say a Psalm and the Commendation before Garter King of Arms pronounces Her Majesty’s styles and titles. The Sovereign’s Piper will play a Lament and The Archbishop of Canterbury will pronounce the Blessing. The National Anthem will be sung at the conclusion of the Service.
Not seen on the streets of London since the funeral of Sir Winston Churchill in 1965, the State Gun Carriage will be pulled by 98 Royal Navy sailors, with a further 40 marching behind acting as brakes. The King and Members of the Royal Family will again follow The Queen’s Coffin in Procession. The Procession will include detachments from the Armed Forces of the Commonwealth, as well as detachments of the British Armed Forces who held a special relationship with The Queen.
A Private Burial will take place in The King George VI Memorial Chapel later that evening, conducted by the Dean of Windsor.
The Queen is to be buried together with The Duke of Edinburgh, at The King George VI Memorial Chapel.
Sport6 days ago
Ammanford upset Penybont to reach MG Cup quarter finals
Entertainment2 weeks ago
Two processions and a week of celebrations as Carmarthenshire welcomes Eisteddfod yr Urdd 2023
Sport7 days ago
Strong Ammanford performance seals Cup win over Whitland
Sport1 week ago
Howell’s strike takes the points for Cwm
News4 days ago
Kwarteng gambles on rush for growth
News1 week ago
The world watches HM Queen Elizabeth II laid to rest in state funeral
News1 week ago
Arrangements for the Funeral of Her Majesty The Queen
Sport16 hours ago
Amman earn first win of the season